Previously on this blog, we talked a little bit about tight budgets and where you can find extra wiggle room (See Budget’s tight? Here are the first things to cut from your event.). Before you can focus on where to cut costs, or even on what your main priorities are for your event, first you have to create your overall ideal budget. For some people, a range of a few thousand dollars is okay, but others want to have a specific budget that is set in stone. Either way, finding that number that works for you and your spouse can be confusing if you’ve never planned a large event before. This post isn’t going to dive into what percentage of your budget should be allocated to each area, but rather will give you an idea of how to pick a overall wedding budget amount that works for you and your spouse.
Here are the things you will want to consider:
Before anything else, you will want to find out how much each vendor typically costs in your area. This will help you create a budget that will be realistic, and thus help you stay within the budget you end up creating.
How much money will you make in the length of your engagement that DOESN’T go to necessities (food, housing, etc)? Are you a spender or a saver? Where can you cut costs comfortably? You’ll want to consider how much you can realistically save to put towards your budget while still living comfortably.
Is there anyone other than you and your partner that will be contributing to your big day? If so, you will have to have upfront conversations with them about how much and where/how they will be contributing so that you can make your budget accordingly.
Typically, the more people you invite to your wedding, the more costly it will be. This very occasionally is not the case, but definitely think about your guest count when creating your budget.
Some people prefer for every wedding related expense to be part of the budget, while others are okay leaving a few things out. Think about what counts in your budget, and what will just be other costs outside of it. Do rings count? Does your honeymoon count? What about alterations to your attire? These are the main things that people tend to leave out, but it is important to think about how you will pay for everything, whether it is in the budget or not.
When you envision your day, what stands out the most? People prioritize different things, such as food or photography, and the budget you create should reflect what is most important to you.
If it is important to you to have your wedding on a certain date, the costs could reflect that. Off season weddings are significantly more inexpensive that mid-season weddings, so keep in mind your date, or at least the season you would like if you don’t have a date set.
Sometimes vendors have extra costs associated with services they perform (such as a corkage fee). It is a good idea to think about these and ask your vendors about hidden costs, so you can factor them in to your budget. In addition to this, it is a good idea to factor in vendor tips, as these can add a few hundred dollars, sometimes more.
Contingency is just a fancy way of saying you’ll need extra money. This extra will allow for anything unexpected to still fall in your budget, where without it you could be going over.
Once you have figured out all of these factors, you should have a pretty good idea of what you should spend on your wedding for the budget to be realistic and comfortable. I’ll leave you here with something you’ve probably heard a thousand times, but please, please, don’t go into debt for your wedding. Weddings are a beautiful and exciting time, but they are just one day at the start of many with your new spouse.